Abstract:

In the current conditions of the development of the world economy, it is radically changing and financial support for science and innovation is becoming increasingly important. New, complex financing mechanisms are emerging. In the context of growing expenditures on scientific and innovative activities, and at the same time – reducing state budgets, cooperation and networking are becoming important in this area.

The purpose of the study is to analyse the tools of effective state support for innovation. To achieve the goal, it is envisaged to consider the basic concepts and evolution of mechanisms for financial support of science and innovation, as well as the tools used by the state to improve them.

It was found that the leading role in financing still belongs to the state. However, due to the increase in spending on science and innovation, and at the same time the strengthening of budgetary constraints, government grants and subsidies are giving way to more complex schemes.

Only a detailed analysis of the national innovation system within the framework of such a context is able to identify the “levers” that ensure an increase in the efficiency of innovation and enhance the competitiveness of the economy. In this regard, the article discusses the basic concepts of mechanisms for financial support for innovation. The current and future trends in funding science and innovation are presented.